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Charlie Rose

News/Business. (2010) New. (CC) (Stereo)

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China 125, America 32, United States 22, Us 10, Charlie 7, North Korea 5, Russia 5, Korea 5, New York 4, Canada 4, United Nations 3, Taiwan 3, Sukhbaatar Batbold 2, U.s. 2, London 2, New Orleans 2, Hong Kong 2, Obama Administration 1, Obama 1, G.m. 1,
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  PBS    Charlie Rose    News/Business.   
   (2010) New. (CC) (Stereo)  

    September 30, 2010
    12:30 - 1:30pm EDT  

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>> rose: welcome to the program. we begin evening with china and the former head of hong kong, tung chee hwa. >> china do not know america well enough. americans know china even less, i think. so if we don't understand enough then misunderstanding happens and then people get wrong ideas, wrong signals or interpreted the signals wrong. so all these things will happen. there are 100,000 chinese now studying in the united states of america. there's about 0,000 meshes studying in china. you know there are 300 million people learning to speak
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english? >> rose: 300 million people in china? >> in china. there are people learning to speak chinese also, but small numbers. also growing number, but still rather small. the point is, america really does not understand china well enough. >> rose: we continue this evening with a look at mongolia and a conversation with its prime minister, sukhbaatar batbold. >> this is a good time and especially with given strength and advantages we have like rich mineral resources and strong neighbor... china is a market and opportunity and is emerging market i think with this tree sort of big advantages, mongolia has got a strong possibility to develop and now we have the challenge and especially for my government we have a coalition government and how do we deal
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with these advantages and also the certain difficulties or challenges which might come from the mineral development, this would be the issue for us. >> rose: china and mongolia next. words alone aren't enough. our job is to listen and find ways to help workers who lost their jobs to the spill. i'm iris cross. we'll keep restoring the jobs, tourist beaches, and businesses impacted by the spill. we've paid over $400 million in claims and set up a $20 billion independently-run claims fund. i was born in new orleans. my family still lives here. i'm gonna be here until we make this right.
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captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: tung chee hwa is here. he is the chairman of the china united states exchange foundation. it aims to build greater understanding between the world's two largest economies. he is the former chief executive of hong kong, he has a long, close tie with the chinese leadership. he is currently vice chairman of the national committee of the chinese people's political consultant conference, the mainland's top political advisory body. i am very pleased to have him back on this program. welcome.
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>> thank you, i'm very happy to be back. >> rose: there are many more things i could have said but you are a firm believer that the united states and china have to be vigilant in making sure this crucial relationship maximizes its potential. >> yes. >> rose: and avoids any misunderstanding. >> yes. well, charlie, to start with, you know, obviously i want china to succeed being chinese and being a chinese person. i want the country to succeed, but on the other hand, i lived here for nine years in this country i built a family here, i entered a business here all in new york for seven of the nine years i was here in new york. so i understand this country. i have feeling for this country. i want this country to succeed
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and charlie, there's no relationship more important to me than the u.s./chin relationship. it's not just a personal feeling issue which it is but look at the challenges the world faces today. you know, if 20th century is about... fight about ideology, 21st century is about how we as a human race overcome the challenges we have faced, energy security, food sufficiency, climate change economic financial stability. >> rose: nuclear nonproliferation. >> nuclear nonproliferation. fight against terror. the list goes on and on and on. and american leadership is important. chinese active involvement is important. it needs a bilateral approach but america is the most powerful nation on earth. china's the most... the largest
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developing nation on earth. working together, we can help towards solve these huge problems we are facing. and americans wants these problems to be solved. chinese are concerned about these problems so this is why the relationship is important. and on top of that, there is a huge trade relationship which is really win-win for both countries. so we need to move this relationship along really well. >> rose: where is it you will haver inable? where is it not as good as it ought to be? >> i think basically that it is a complex relationship. and the difficulty comes from many different areas. basically, china does not know america well enough. americans know china even less, i think. so if we don't understand enough
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then miss understanding happens and then people get wrong ideas, wrong signals or interpreted the signals wrong. so all these things will happen. you know, they're... they are hundred thousand chinese now studying in the united states of america. there's about 30,000 americans studying in china. you know, there are 300 million people learning to speak english >> rose: 300 million people in china? >> in china. there are people learn to speak chinese also, but a small number. also growing number but still rather small. the point is, america really does not understand china well enough. >> rose: all right. let's try to help them. okay? erase some of the questions about china that are frequently part of the conversation in america. number one, it took you a long time to agree to let your currency appreciate and some people, including secretary geithner who said to the "wall
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street journal" "china took an important step singhing they're going to let the exchange rate reflect market forces but they've done very, very little in the interim. it's very important and i think it's important to china, i think they recognize this that you need to let it move up over a sustained period of time." so there's concern that finally you agreed to let it move a little but you're very, very stubborn about it. >> (laughs) charlie, i think the myth is that raising the exchange rate will solve the trade issue. the reality is that it doesn't solve the trade imbalance issue. the japanese in the '80s, throughout the '80s early into the '90s rose the yen exchange rate 300%. you know, the deficit's still there, the u.s. deficit's still there. china since 2005 has increased the exchange rate by 25% or 22%.
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but the surplus... the deficit entry got bigger. so... one other real issue that china has a huge surplus with america which is true. but china has deficit with every other country on earth right now because currently in a globalized world currency issue is not a bilateral issue, it's a multilateral issue. i'll give you an example. a personal computer made in china bills $700. out of that $700, $300 goes to a flat screen made in taiwan. then $100 for the intel chip. and then the operating system is by microsoft. and by the time you're finishing the packaging, everything else, what you've left for china is maybe less than $100.
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but it's charged as a $700 i frepl china. and these are the issues. and out of the exports from china to america, 55% are by multilateral... multinational companies which is not related which... they are multinational companies and they go through these arrangements, so china is the final place of assembly. and they get billed for it. so we need to shift through all these things >> i hear an increasing number of american businessmen and women say it's hard to do business in china. >> i have heard about this before. i think it's something china needs to pay attention to. and i think china will pay attention to this because this bilateral trade relationship is
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very, very important. but let me tell you this last year the total foreign investment hit $90 billion investment into china. it's still growing. american chamber of commerce came out with some research. 75% of the companies in china are making money. and 80% of the companies said they would expand chair investment in china further. and the reason why is chinese domestic markets are really growing and secondly it will grow even more. i give you examples. for instance they said 150 new cities, urban... new urban centers would be built. huge urban new centers would come into being over the next many years. think of all the needs for subway stations or trains, for
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sewage treatments, solid waste treatment, clean water. urbanization gives opportunity to many, many economic activities of which america can take part. >> rose: so chinese invites american companies to come in and help it build up its infrastructure? >> all these opportunities are there. >> without restrictions? >> and farming. china has 7% of the global farm land but has to feed over 20% of the population. efficiency of farming. america is just unbelievably good. off huge opportunity going to china, to help out, do things get reward for it. so the opportunities are many. and then i want to tell you this charlie. over the last eight years, american export to china has quadrupled, i mean quadrupleded.
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and the way it's going, this expansion will continue. china very the third-largest market for american goods after canada and mexico china has overtaken japan. so these are just incredible. and... incredible developments. >> rose: how many countries is china the largest market for? for example, i think china is the largest market for brazil, right? >> yes, yes. >> rose: a number of countries like that. >> that's right. >> rose: who've bj become a huge market. and the faster you can grow your middle-class-- which is the reason you put such an emphasis on economic growth-- the faster you can grow into the middle-class, the more demand you create, the more you will add to the market and it's... chinese leadership's attitude, it will provide a place that chinese companies can sell to beyond their dependence on foreign markets. >> yes.
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and if i may say so it's estimated they're about 300 million people who are becoming middle-class. it's a huge group of middle-class people. >> it's the largest move out of poverty on the part of any experience in the history of civilization. >> that's right. and china is going going to gradually allow the currency to appreciate. but please understand that, you know, the world is still somewhat unstable coming back from the financial shock of 2008. so we want to be sure, including china, want to be sure that the world is a better place. you know, china joined united states. i think china is the country that most accepted... mostly accepted the united states call for huge stimulus, which china did for quantitative easing,
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which china did. and for huge budget deficit, which china did. and because of this china was able to get its economy going as a result it helps the rest of the world and because of what they have done, you know, now the asian economy as a whole is growing very fast. now, chinese economy being strong, they're taking imports from america and the asian economy being strong, they take things from america, too. so the currency issue needs to be done carefully not because china more american dollar in reserve. it's only because they want to be sure that the economic recovery is stable. >> rose: far long time, the argument was-- as you have just indicated-- that china lends a lot of money to america because it wants america to spend a lot of money buying chinese goods and that was a good deal for china.
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is china comfortable with its holdings of pus reserves? >> i think... you know, china obviously worries like investors would that america needs to bring in eventually this deficit. but china also understands that there is a time for everything, you know? the time will come and the best judge will be the united states government. >> rose: i'm not sure i understand. >> because when you can bring in the deficit, the decision has to be made by americans. >> rose: so china is going to give the united states time to reduce its deficit? >> oh, of course. i think, charlie, it's quite right to say china and america we are in the same boat together >> rose: a kind of mutual depen sdmens >> that's right. a huge mutual dependence. but, you know, earlier you
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talked to me about the unhappiness of the american companies. i understand that. but i want to tell you, you know companies like g.m., like ford, like wal-mart, like fedex, like u.p.s., kentucky fried chicken, mcdonald, they're all household names in china. the profit is good, they're running very strong and they have developed a branding which china accepts. and there's plenty of success stories. >> rose: you're happy with the obama administration? or not? are they... do you like them as much as you like the bush administration? >> i think the visit by mr. obama last november in china was a very successful one. i think there were unfair criticisms of mr. obama about the visit last... of last year. >> rose: by? >> in the united states.
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by the press in the united states. but i thought it was a very successful visit. and, in fact, at the end of the visit, there was a very lengthy joint declaration that was made as to what the two countries needs toe do together. they were all very positive and i certainly take hard by that particular visit there was one point that was made by both presidents that the two countries need to improve strategic trust between the two of us, between two countries. and i think it's a very, very... >> rose: what's the problem in terms of the strategic trust. >> i think, as i said earlier, you know, there are people in america who thinks china is a
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threat to united states. they're people in china who thinks america never wished china well in the first place. and these are real issues. and is it real? how can we overcome these problems? we need to overcome some of these problems and in the case of the first instance, it's america's view china is a threat now china has no wish to challenge the united states of america. there's no reason to challenge the united states of america. what we look forward to is a close relationship, a close working relationship, which is a win-win for both count rise. and china has no ability to challenge the united states of america. you know, whether it's militarily or economically. >> rose: at this time.
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>> well, charlie, even in the longest time... well, china would take china's modernization would take another 30, 40 years to come. but even way beyond that time, look, china over the last 5,000 years of chinese history, we had our share of warfares and they were all very painful. people, wise men like con confucian has said "peace above all." and to be tolerant above differences, to be inclusive. to allow differences of view to seek consensus. chinese people value these. these are the basic values of china so you will not see china when they were even more successful to try to seek
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hegemony, let's say. you know, 500, 600 years ago in the ming dynasty china's economy was 30% of the world economy. >> rose: right. >> but they sent fleets of ships all around southeast asia all the way to africa, middle east, they've never took a piece of land. they went there for trade and that's it. >> the united states has a pretty good reputation on that line, too. >> well, china is concerned. there are people in china that are concerned that the united states does not wish china well. >> rose: who is it that doesn't wish china well. >> there is a perception that there are people in america who do not wish china well. and the question is why is its arm sales to taiwan is continuing.
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the question is asked why is it that there are increased surveillances along china's very long coastline of chinese naval air force activities. and these are issues that are being raised and i think these the areas where a lot more dialogue needs to take place a lot more understanding needs to take place because on the one hand i think messages have been conveyed that we are in the same boat. american leadership has said this. chinese leadership has said this. but then there are the other message which is seems to come through. why is that? >> rose: also, it's important the two countries recognize with the restrictions they face.
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china needs to avoid social tensions within its community, to avoid the tensions between rural and urban and other tensions that have the possibility of slowing down chin correct? the united states needs to have china understand how it perceive it is threat, say, of iran developing a nuclear weapon. and yet the country that's most so far unwilling to take sanctions as far as the united states would want to is china. why is that? >> charlie, let me say this to you. china's strongly goes for nuclear nonproliferation, okay? china worries about north korea's nuclear weapon development. china worries about what's happening in iran. but i think in the aim of the
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united states and china, they're the same. no nuclear proliferation. the means of achieving it is different. >> rose: how would they do that? >> let me say about north korea. in north korea china takes a view that there shouldn't be hostility between twos have of the korean peninsula. and secondly korea peninsula should be free of nuclear weapons. china feel it is best way to achieve this is to bring north korea into the world at large. in my view if north korea follows the path of reform and opening up like what china has done it will eventually be persuaded.
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it's china's view. >> rose: china's about the only government that has any real dialogue with north korea. >> that's right. so there is a difference of approach right there. america wanting to go for sanctions and this and that. china says look, let's work with them, try to find a way out of this. now, with iran it's the same thing that many sanctions have been taken to be fair, china supported the later sanction but the worry is what if it doesn't work this time? are there other options in hand to move forward? the aim is the same. >> rose: what are the other options? >> you know, there is a brazilian/turkey option that was out there.
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could that be pursued? and what other options are there >> rose: meantime, the clock continues to tick. >> and the meantime continues to tick. >> rose: and so you wonder if... >> this is the worry, this is the worry. >> rose: what's the most important thing that needs to take place today? we pointed to some of the specific issues. clearly they need to have more understanding on climate change we have a huge amount of... coal supplies how much of your energy needs? >> rose: 70%. >> 70%? >> 70%. this is the thing, you see. there's so many areas of common interest. i understand coal supplies about 40% of energy needs. for both of us and china even more so than you, clean coat technology is absolutely essential. you have all these automobiles on the road. china's developing a huge
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automobile market. >> rose: certainly is. >> and we're learning these things from you guys. but how do we get electric car going? because that's going to be able to help to solve that problem the energy need and the transportation world. that's a smart issue. all these things we need to be working together and the two governments are trying very hard to work together. >> rose: but they're not doing as much as they should. >> we need the government and private sector both to kick in and push this thing through and that's one thing. the other thing, charlie, i would say, you asked me about this. i think for one thing i would tell my american friends you have the competitive advantage that nobody else has in this world: so don't lose confidence in yourselves. you have to best of the brains
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in the world. they want to come and live and work in this country, okay? you have the best universities, you spend more money for signs and innovation than any other country on earth. by a far... very far margin. then you look at the natural resources you have and more than any other developed nation on earth actually. of course, saudi arabia, russia, they're separate. but for developed nations you have this... you have a population getting younger. it's all there. what i think... i hope will happen to america and i want america really to succeed because a vibrant america is very good for china. you know, you've got to put aside the cold war mentality some of you have.
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focus on reinvigorating the economy. the economy is not just going through a bit of a hiccup because it's not a cyclical change, it's a structural change which would take some type and tough decisions and i think america would make them. and once you do this this will be wonderful. >> rose: the future is unlimited. >> yeah. >> rose: a lot of meshs have a lot of admiration for what the chinese are doing in terms of technology and your ambition to create battery-operated cars and also to use when you have the largest investments in wind and sun, solar and any nation. you are committed to building a great university. you want to be among to create over the next 50 years one of the great universities that will be there in china with respect for those you already have. so you would theme there is
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that... you would hope that china gains with respect for its long history gains confidence, confidence, so it it wants to be a stakeholder as president of the world bank said at an earlier time. so that it wants to be a fully engaged stake holder in the world community. that's what's... >> and it doesn't have any inferiority or fear. >> thank you. thank you. i think, charlie, you get it right in this thing. 30 years of reform and opening up. china understands its future is totally intertwined with the world. its destiny is intertwined with the world. a better world, a world at peace is good for china. >> rose: and it brings responsibilities. >> and it brings responsibility. china is going to be a force for
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good in the world. china wants to do this, wants to work with the rest of the world to achieve this. and i think the other thing which i want you to know is that china is trying to achieve this by, for instance, participating very actively now in all the multilateral organizations which is set up by the united states of america. united nations, w.t.o., who, i.m.f., world bank. and china's doing this, ching has 14,000 peacekeepers around the world trying to help united nations to keep peace. china wants to become a force for good. very often the differences in the... not in the the aim but in the means to achieving it because coming from a background different background, different culture china feels they have a different way of doing things
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maybe a way to contribute towards the objectives. >> rose: i'm way over but let me make this one last point. some have suggested that the chinese are now saying "we had great admiration of your economic system and your markets but after the global economic catastrophe-- the subprime crisis and more-- we're not sure that we want to be like you as much as we thought we did. >> (laughs) well, i tell you, you know you guys have all these competitive advantage which is i talk about. it's not just i'm talking about it but most of chinese people, people around the world recognize it. and one other thing you have. enough can-do spirit for the last 280 years. you're not going to lose it. china is coming up with this can-do spirit. not for any other purpose but to make sure the country, the people of china can gain the
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wealth. >> rose: do you see any possibility of bubbles that exist in the chinese economy that... commercial real estate is often cited as one. you have a lot of vacant space in china. and your government recognized it, it's clear. but the question is what they're prepared to do isn't enough. >> yes. i think the thing is this, chinese government leaders, they are constantly... they are almost all the time looking and all the things that could hit them on the blind side. and they would take action when appropriately necessary. and of course in the present situation you can really go down hard or you want to go down in such a way that achieves a soft landing. so far, china has been pretty good. it's trying to achieve a soft landing because the recovery of the global financial crisis is still very tentative in china and also other areas.
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>> rose: as it is here. as it is here. >> yeah, we're trying to be very careful. >> rose: we'll continue this frequently, hopefully in china as well. >> thank you. i look forward to seeing you in china. >> rose: thank you very much. >> rose: sukhbaatar batbold is here, he is the prime minister of mongolia. the country approximately the size of western europe but has a population of less than three million. today it's on its way to becoming a dynamic emerging market economy. it's one of the last places on earth that has huge untapped mineral reserves, including coal copper, gold, and uranium. it's currently developing the world's largest copper gold mine. the i.m.f. says the nation will be one of the fastest-growing economies of the next decade. he's also about to open a stock exchange. the prime minister had been in new york for the united nations general assembly and other meetings, i'm very pleased to have him here at this table for the first time. welcome. >> thank you. >> rose: you also have very
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successful businessman and have been a foreign minister, so it's a pleasure to have you here. >> thank you, thank you. >> rose: tell us about mongolia. it's a place of history. >> yes. >> rose: it's between china and russia. >> yes. >> rose: tell us. >> i think this country has got the... for one hand really big history. we have 800 years of establishment of the mongolian empire a couple years ago. so we have 800 and beyond that. >> rose: a couple years ago you marked the 800th year since the blibment of the empire. >> but we are going to mark also anniversary of the liberation movement for mongolia next year. and we are also marking this year the industry of democracy and the market economy and transition which we have in
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1919. which means we have a rich history and, i think the country is doing now and we do have a lot of challenges but after 20 years of this new system, we are about to define how we should go further and what would be the best thing for us and best model or best way to... for the... this country and after the transition for 20 years. we had quite an interesting but challenging 20 years and now this is a good time, and especially with given strength and advantages we have like rich mineral resources. and strong... china as a market and opportunity. and as emerging market i think this would be sort of advantages
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mongolia has got a strong possibility to develop and now we have the challenge and especially for my government we have a coalition government. and how do we deal with this advantages and also the certain difficulties or challenges which might come from the anybody ral development, this would be the issue for us. >> rose: what do you expect mongolia's growth rate to be over the next five years? >> for this year we have... despite the losses in agriculture, we had a very strong winter. we lost almost one-fifth of our total animals and animal husbandry and we do still have about almost 8% of g.d.p. growth for this year we are anticipating. and the estimates for next five years we are going to have... we
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are expected to have growth about 10% per annum. >> rose: so double digits next year? >> yes, double digits for next year. >> rose: give us a sense of where the market is for the minerals you have in mongolia. >> we have a lot of mineral resources and we are already number four exporter of coal to china. number four. we are with existing copper plant producer, we are quite serious exporter of copper to china and another major project, the copper gold project, we would easily double and triple this export to china so i think there are huge potentials and there is a big project, a big coal deposit, and if that comes true, i think we will be probably one of the serious exporters of copper and coal and
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gold to china. on top of that we have new commodities to export to china. iron other. and we do have some prospects to oil and gas and quite serious reserves of uranium. the important thing is yes, there are commodities and the market in southeast asia, china, japan, korea and other countries but the thing is as we are a landlocked country, we have a lot of sort of costs and thpl transit costs are equal almost 10% of our g.d.p. and we basically export raw materials to china and other countries. and we encourage from my government now to look at them downstream and adding the value and processing so that we put more prior to tease for the industrialization and adding the value of which will save the cost of transit goods, which he
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l create the job, so which will create more value. so that's the thing we would like to encourage. >> rose: so you're opening a national stock exchange? >> we have a basic infrastructure of local stock exchange. unfortunately that was not really the one that we wanted to have in terms of operation and management and infrastructure. so with this wealth of the mineral resources, we... i think we thought we should have the proper functioning local stock exchange. in order to provide an opportunity to the local companies and to the citizens of mongolia to get the benefit and to have access to those mineral assets. so far major internationals are listed on international stock exchanges and they do not come to mongolia. so we would like them to have a listing so to do that we have to
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invite international management. >> rose: have you said that london stock exchange is most likely to win the bid? >> this will not be up to the government to say really the final thing because the decision as i say is up to the independent body of management and the property committee so that they will decide. but it's a strong candidate because london is more of a mining specialized stock exchange and so i think this will be a decision to be made by the independent part. >> rose: mongolia is a big country, small population, lots of mineral resources. >> exactly. >> it's developing market system it's got enormous opportunity. it's got a predicted double digit growth in its g.d.p. what's the problem?
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this is the expectation of what we're talking here, advantages. the still high rate of unemployment... >> rose: what's the level of unemployment. >> about 4% or 5%. but it's... it's just officially reduced to... the ones who have officially... there are quite substantial number of populations who are not registered yet. and in terms of poverty level, we are above 35%. above 35%. so it's a very high poverty rate so we need to make and channel this wealth to combat the poverty... >> rose: to eliminate the possibility of social tension? >> absolutely.
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and for that we are working with institutions and others to see which would be the best thing for us to do. >> rose: what's the economic model? is it more like the united states? is it more like china? is it some hybrid? >> that's a very good question. after 20 years of transition, we are trying to define which would be... where we are and which would be best model for us. and we have seen the chilean model because chile is a mining company and we have seen some of the things with alaskan fund and we have seen and jeff seen the norwegian fund and the european model and i think what we are looking now is also canada what canada has achieved is very interesting for us. although there is a big difference, but there are a lot of natural similarities between
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mongolia and canada. cold countries, large territories, smaller populations relatively. mining and agriculture. cold and next to major neighbors like china or america or russia and a lot of things... >> rose: so you're leaving here to go meet with things... prime minister harper, >> >> yes. >> rose: so what is your question for him? what do you think works? >> the question is we'd like to see the success... i mean the good things. we don't want to reinvent the wheel in many things. we'd like to learn from others good experience in mining, infrastructure, housing and many agricultures. so we would like to learn from their experience but we would like to do it together and win together from the... there cooperation between mongolia and canada. i would like to propose in quite a serious form of corporations
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especially in terms of development. >> rose: my impression is just knowing you in a very short time knowing of your background, a bit about your country that you are here in new york and on your way back with lots of questions. you're saying to people we know what what our opportunities are. >> yes. >> we're open minded about figuring out how do we maximize those opportunities to take care of our people. >> exactly. >> rose: and not make mistakes. >> exactly. >> rose: tell me what your experience is so we can go to school on it. >> for that what we have done for now is we have the... the mongolian parliament has passed a new law on the budget stabilization and we do have in place the law on human development fund. so we would like the excess revenues from the mining, we
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would like to put to the stabilization fund and this we use them under certain conditions. we do get commodity crisis and other crisis, we keep them and make them to happen. on the other hand we use cash revenues and royalties through the human development fund which will enable to benefit all our citizens from health care, education, housing. and some cash allowances also for social welfare. so i think that's the thing what we are going through now and would like to see what others are doing good in that sense and to compare it and to possibly affix it to the better sort of way. >> rose: is it easier for tourists to come to mongolia? >> that's... that's good question because it's nice to
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come to mongolia because we have nice sort of land and history and rich history and culture and people. >> rose: great fishing people tell me. >> fishing and hunting and everything. but infrastructure. >> rose: so that's a problem right there. that's an opportunity and challenge. >> opportunity and challenge. >> rose: build on the infrastructure. >> rose: because of the mining opens and others we have major plan to make a infrastructure. thousands of kilometers of railway, big housing and roads connecting the mines and tourist places and most importantly the power. >> rose: what kind of pow dore you want to get? >> we do have a strong basis for coal, uranium and gas. >> rose: nuclear. >> nuclear. so those are the ones. >> rose: are you building nuclear? >> we are not building.
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>> rose: entertaining the idea of nuclear? >> not at this moment but we are working quite closely with the different countries, with france with the united states, with japan, with russia, with china because we have so many sets of uranium. and we would like to make firsthand to go on the first stage to learn and to make it this basic. then the second phase or third phase, maybe nuclear power. but for now it's early, we have a lot of resources in terms of energy mongolia is the richest wind tunnel. >> rose: so wind power could be a huge... >> wind power could be a huge opportunity for mongolia and exports to china because they're putting probably the biggest
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demand china is for this wind power. jup you can probably learn more about the cutting edge of alternative energy sources like wind and solar as well as a rapid development of infrastructure from china as much as any place in the world, right? >> absolutely. >> are they willing to help you? >> they are very much interested to work and help. >> rose: they'll exchain their know how for your minerals. >> absolutely. we don't mind. >> of course not. >> rose: if it's mutually beneficial we should pen sate each other. >> rose: we can make a deal. >> we can make a deal. we would like to encourage other to friend especially united states, japan, korea, european union to come and invest and to make a certain balance. >> rose: do you have any kind of relationship with north korea? >> yes, we do have. >> rose: have influence with them?
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>> to say influence is a little bit sort of are difficult but we have good relations with them and we do rur v our embassy in pyongyang. we do have cultural exchange events. and we do have economic sort of commissions and trade commissions to work together. and we would like to contribute to this relation twin six party talks or beyond the six party talks and we have conveyed a number of meetings, bilateral meetings between north korea andor countries in the region. so we have that kind of special relations and we try to keep this channel warm. >> rose: national security concerns. do you have any? you have a standing snaerpl >> we do have a standing army in a certain limited way but the
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thing is we... we do not have a major political and territorial and other problems, for instance with our neighbors. >> rose: so you have no territorial conflicts we they are china or russia? everybody's happy with the borders? >> yes. everybody's happy with the borders. and this in fact has been cemented with a new sort of checking and sort of a... how do you call it? cross-border checking and we have registered thing things. i think this is quite clear what we have with them and we respect each other's sort of systems. they do respect the system, what we have, the democratic and... system what we have there and we do understand and respect the system what is we have. and we'd like to just benefit and work together with them.
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>> rose: what's your position on taiwan? >> this is a very internationally known approach. we accept and we do support the policy of one china. >> rose: like the united states? >> like the united states. like any member states of the united nations. >> rose: when you're not running the country, what's the most fun thing for you to do in mongolia? >> >> for me the fun is probably sports. i like playing basketball and tennis. >> rose: basketball. >> basketball and tennis with my friends and socializing with my family. and i think most importantly in mongolia and what i have seen, especially this summer, is going the countryside like you said, fishing. is. >> rose: everybody goes... >> this is a unique and fantastic thing to go on the country side to see how beautiful is my country, how
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different is the landscape. because it's a vast and big land. >> rose: even though there's no infrastructure, do you want people to come to mongolia? >> absolutely. because as you earlier mentioned this is one of the untapped and wildest country in terms of nature so i think it would be really interesting. on top of that, i think we would keep and maintain traditions out of our nomadic culture. so this presents something present to the western world. >> rose: well, you've got great american friends like john mack and bill weld so you're doing something right. >> absolutely. thank you. we do have many good friends from united states and in fact this week for u.n. week was quite important for us because the basic multilateral firms we did have unique opportunity to have good promotion events for
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mongolia, especially for business environment and also bilateral meetings with many other dignitaries. so what we have found is growing and strong interest to mongolia and most importantly support from our friends. >> rose: thank you for coming. >> i know you have to leave the country and safe travel and look forward to coming to mongolia. >> thank you, please, do come to mongolia. i especially invite you to co. >> rose: watch out, i'll come. (laughs) any golf courses over there? >> yes. in fact we have one. >> rose: one? you only need one. i think if you come to mongolia you better spend your time fishing and hunting. >> you can try different golf courses. it would be interesting for you. wow, this is a cold country. >> rose: thank you very much. >> thank you.
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words alone aren't enough. our job is to listen and find ways to help workers who lost their jobs to the spill. i'm iris cross. we'll keep restoring the jobs, tourist beaches, and businesses impacted by the spill. we've paid over $400 million in claims and set up a $20 billion independently-run claims fund. i was born in new orleans. my family still lives here. i'm gonna be here until we make this right.
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